The revenue cycle consists of
a. one subsystem–order entry
b. two subsystems–sales order processing and cash receipts
c. two subsystems–order entry and inventory control
d. three subsystems–sales order processing, credit authorization, and cash receipts
B
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A note payable due in two years is a current liability
a. True b. False Indicate whether the statement is true or false
Modern Age Company made total cash sales in February of $666,000, which are subject to 7.5% sales tax. Prepare the summary entry to record the transaction. Omit explanation.
What will be an ideal response?
An LLC (limited liability company) is a(n) ________
A) unincorporated business entity B) incorporated business entity C) cooperative entity D) proprietorship
Which of the following purposes of contracting deals with sharing expectations about mutual involvement during the project?
a. To understand the organization’s commitment to change b. To create an environment in which consultation can succeed by agreeing on mutual roles and needs c. To clarify time pressures and expectations d. To clarify how the client and consultant will interact